- Joined
- Dec 5, 2007
- Messages
- 2,880
Hello Everyone,
I wanted to ask when is the best time in your opinion, for a new investor to hire a property management company - immediately after the first purchase or manage the first 2-3 properties alone and only then hire an external company to do it for you?
Here are the 2 option I have with the pro`s and con`s I can think of for each:
1. Hire a property management company from the beginning immediately after the purchase of the first property. This way you free more time from the start plus do not take the risk of making serious mistakes as a beginner.
2. Manage the first properties alone (say first 2-3 properties), learn the process, gain some experience and only then hire a property managmeent company to continue the process. This way, by managing the first properties yourself, you`ll know better what to expect from the property management company as you have done some of the same work yourself. However, you risk making mistakes that could have been avoided by hiring a porperty managemnet company from the beginning.
My situation is a little unique as I will have a LOT of free time in the next 6 months and it would be great if you can consider this fact in answering my question.
The advise I am getting here is highly appreciated as I would not be able to do it without the GREAT people participating in this forum!
THANKS,
Neil
I wanted to ask when is the best time in your opinion, for a new investor to hire a property management company - immediately after the first purchase or manage the first 2-3 properties alone and only then hire an external company to do it for you?
Here are the 2 option I have with the pro`s and con`s I can think of for each:
1. Hire a property management company from the beginning immediately after the purchase of the first property. This way you free more time from the start plus do not take the risk of making serious mistakes as a beginner.
2. Manage the first properties alone (say first 2-3 properties), learn the process, gain some experience and only then hire a property managmeent company to continue the process. This way, by managing the first properties yourself, you`ll know better what to expect from the property management company as you have done some of the same work yourself. However, you risk making mistakes that could have been avoided by hiring a porperty managemnet company from the beginning.
My situation is a little unique as I will have a LOT of free time in the next 6 months and it would be great if you can consider this fact in answering my question.
The advise I am getting here is highly appreciated as I would not be able to do it without the GREAT people participating in this forum!
THANKS,
Neil